Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Victor Galliano is an experienced equity banks analyst, having covered Latin America banks and non-bank financials for over 12 years, as well as more recently covering the Italian banks. He has worked in sell side equity research for 30 years in a career spanning Barclays, HSBC, BBVA LatInvest, Barings and NatWest.
Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.
The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Financials & FinTech research

India: Relative Value Opportunities and Pair Trades (21 Aug 2026)

India: Relative Value Opportunities and Pair Trades (8 Sep 2026)

TCS (TCS IN) Vs Infosys (INFO IN): IT Giants Hit Pair Trade Trigger

Bank Of Baroda (BOB IN) Vs Punjab National Bank (PNB IN): A Third Signal, A 6% Target

Indian Public Sector Banks: Bank of Baroda (BOB IN) And UBI (UNIONBANK IN) Are Our Positive Picks

Primer: Bank Of Baroda (BOB IN) - Aug 2026

Bank of Baroda - One-Time Settlement Dents Earnings

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We keep deep-value Bank of Baroda on the buy list, whilst replacing UBI with Canara on the buy list; Baroda trades at an over 50% discount to SBI’s PBV ratio</li>
<li>Canara stands out for its PBV to ROE, as well as its prospective earnings and dividend yields; Canara has also been aggressively writing-off NPAs, reducing its low NPL ratio further</li>
<li>We add Indian Bank to our coverage in this report; it ranks highly on the scorecard but we believe that Canara has the edge on valuation metrics and credit write-offs</li>
</ul>


We keep deep-value Bank of Baroda on the buy list, whilst replacing UBI with Canara on the buy list; Baroda trades at an over 50% discount to SBI’s PBV ratio
Canara stands out for its PBV to ROE, as well as its prospective earnings and dividend yields; Canara has also been aggressively writing-off NPAs, reducing its low NPL ratio further
We add Indian Bank to our coverage in this report; it ranks highly on the scorecard but we believe that Canara has the edge on valuation metrics and credit write-offs


Indian PSBs: Baroda (BOB IN) Stays a Buy, Adding Canara (CBK IN) As a Buy Replacing UBI (UNBK IN)